MUMBAI: Global private equity fund TPG Growth has picked up a significant minority stake in Bengaluru-based Rhea Healthcare, a company that operates mother and child care centres in the country for $33M investment.
These centres are run under the ‘Motherhood’ brand, the news release said.
“This latest investment reinforces our sector focus on healthcare in India and globally,” said Puneet Bhatia, managing director and country head for TPG in India. “Through TPG’s Growth, Capital, Asia, and Biotech platforms, the firm has invested more than $10B in healthcare companies around the world.”
As India’s middle class grows, mothers are seeking out exclusive care centers that offer a combination of clinical expertise and personalized attention for them and their child.
The company offers high-end neonatal intensive care units, experienced gynaecologists, neonatologists, and paediatricians.
Dr. Mohammed Rehan Sayeed, the promoter, was trained at the Cleveland Clinic, a leading U.S. non-profit academic medical center.
TPG Growth’s investment in Motherhood is the latest in a series of healthcare investments the fund has made in India and the region. In April 2016, TPG Growth invested in Cancer Treatment Services International (CTSI), a network of single-specialty facilities across India; and in December 2015, TPG Growth invested in Asiri Healthcare, Sri Lanka’s leading hospital and diagnostics chain. TPG Growth invested in Sutures India in 2013 and helped the company grow from a single-product domestic manufacturer to a global medical consumables platform that exports to more than 90 countries. Including Motherhood, TPG Growth’s investments in healthcare companies across India and Sri Lanka now total nearly $250 mn.